GE Unit Forms Korean JV

GE Consumer Finance has formed a joint venture with Hyundai Capital Services Inc., a Korean consumer finance company that provides mortgages and a variety of other credit products.Under the JV agreement, GE Consumer Finance will acquire 38% of the outstanding common stock of Hyundai Capital Services with an option to purchase an additional 5% of that stock at a later date. In addition, at closing, GE Consumer Finance said it plans to buy $330 million in subordinated debt and make an additional capital contribution of up to $116 million.